The GDP deflator is the
A. difference between GDP and national income.
B. price index used for the wholesale market.
C. index used to measure deflation but not inflation.
D. broadest-based price index available.
Answer: D
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In the table above, Y is measured along the y-axis and X along the x-axis. The slope between points c and d is
A) 100. B) 0. C) 0.25. D) -4.
Stagflation results from continued decreases in aggregate demand
a. True b. False Indicate whether the statement is true or false
If a positive permanent supply shock were to occur, the resulting equilibrium would be a:
A. higher level of output at lower prices. B. lower level of output and prices. C. higher level of output and prices. D. lower level of output at higher prices.
The circular flow model:
A. illustrates how natural resources are created. B. illustrates how money is created by the banking system. C. assumes that central planning is taking place. D. illustrates the interdependence of businesses and consumers.